Analysts predict that the combination of environmental awareness and the continuing high price of oil will drive buyers into greener electric cars and the market for the batteries to power them to an annual value of around £22 billion by 2018.

With the purchase of Sanyo, Panasonic now has access to key car-making clients in the form of Honda, Volkswagen and Ford.

Collaboration the key

Speaking to Bloomberg, one Honda spokesperson even went so far as to underline the importance of batteries: "Collaboration between a battery maker and a carmaker is an efficient way to develop car batteries."